President Barack Obama and South Korean President Lee Myung-bak both paid a visit to General Motors’ Orion Township assembly plant last Friday in order to promote a free trade agreement. The plan is said to potentially stimulate exports of US made products to South Korea, Colombia and Panama.
The plan calls for cutting South Korea’s taxes and tariffs on imported vehicles, which could stimulate sales of the American automobile industry to other countries, specifically South Korea.
“This levels the playing field,” said Gene Sperling, director of the National Economic Council. “It cuts the tariff in half. It took down non-tariff trade barriers. We feel absolutely confident this will increase the sale of cars made in the U.S.”
According to sources, the UAW supports the House of Representative’s and Senate’s passed legislation. However, word is that other unions have expressed concerned that any job increases could be offset by layoffs in the US from increased competition of South Korean imports.
“If Americans can buy Kias and Hyundais, I want to see folks in South Korea driving Fords and Chevys and Chryslers,” Obama said last month. “I want to see more products sold around the world stamped with the three proud words: ‘Made in America.’.”
– By: Chris Chin
Source: Free Press